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Canadian Imperial Bank of Commerce (CIBC)
Symbol CM
Shares Issued 450,834,323
Close 2021-11-25 C$ 149.36
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Globe says CIBC's Tal sees wage inflation picking up

2021-11-26 08:15 ET - In the News

The Globe and Mail reports in its Friday, Nov. 26, edition that job vacancies have soared to unprecedented numbers in Canada. The Globe's Matt Lundy writes that at the start of September, there were slightly more than one million unfilled positions, Statistics Canada said Thursday. Vacancies jumped 16.4 per cent -- about 143,000 -- from August. Employers have never before recruited for so many jobs, according to Statscan figures that go back to 2015. Nearly a fifth of all vacancies were in hospitality, which includes restaurants and hotels. That industry's job vacancy rate -- open positions as a percentage of all occupied and vacant jobs -- was 14.4 per cent in September, easily the highest of any sector. The national vacancy rate was 6 per cent. CIBC Capital Markets economist Benjamin Tal says: "We have a major issue when it comes to filling these positions. This is not something that will be resolved tomorrow." He says the trouble is that wage gains are not keeping up with inflation. As recruitment challenges persist, Mr. Tal expects wage inflation to pick up, thereby adding to pressures facing the BOC. Mr. Tal says, "That's the No. 1 reason why interest rates will have to rise."

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